Renters to increase in Australia
A new study, "Australian home ownership, past reflections, future directions" by Swinburne University of Technology researchers, explores Australian home ownership rates since World War II and what we might expect from the future. The ownership of a property is still one of the most important things in life for many Australians. It's still the big dream of Australians, but some will remain a dream in the next few decades, according to the study, that in the future up to 40% of Australians will rent.
There are many factors to drive the projected rise in rentals in Australia over the next several years, including persistent challenges to affordability. Ironically, the study revealed a fairly stable degree of home ownership in Australia. Roughly 68% of the people occupied the property in 1976, with about 67% of the Australians owner-occupying each property in 2016.
The study notes that over the next 20 years , nearly 50% of households in Australia under 60 years old will be rented from private owners. Simultaneously, ownership is predicted to decline to 63%. For those who would rent, 51% of these people are projected to be between the ages of 25 and 55.
Investment in real estate
Although the report is interesting, it is important to note that all of these figures are forecasts. In either case, as has taken place in the last four decades, the shift in the share of owners and tenants is expected to continue.
It is important to take these changing trends into account and align them with your goals as an investor in property in the coming years. It is doubtful that conditions will change in the property market. People want to live near facilities, decent infrastructure, and jobs. You will be well positioned to build a strong portfolio if you are able to find properties which tick these boxes while shelling your investments in a way that helps you achieve your long-term goals.
The crucial thing now and constantly for investors is to check in frequently and to ensure that the portfolio continues to achieve their long-term objectives. And if it isn't, it's still all right. It's a smart thing to adjust things and ensure that you create sustainable , long-term richness.
Remember that this Article is not financial or legal advice. Before making any decisions for yourself, please consult qualified financial and legal advisors.
For further information about real estate in this area, contact No Bull Real Estate, your most reliable and friendly real estate agents in Newcastle & Lake Macquarie. Buying, selling, leasing for residential, commercial, industrial property, contact your local expert to buy, sell or lease today on 49552624 or https://www.nobullrealestate.com.au